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Plymouth council cabinet agrees Argyle Home Park deal | Plymouth council cabinet agrees Argyle Home Park deal |
(40 minutes later) | |
Crisis-hit football club Plymouth Argyle could be saved after council leaders agreed to buy its ground. | Crisis-hit football club Plymouth Argyle could be saved after council leaders agreed to buy its ground. |
The deal would mean Plymouth City Council paying £1.6m for Home Park and renting it back to the club for £135,000 a year. | The deal would mean Plymouth City Council paying £1.6m for Home Park and renting it back to the club for £135,000 a year. |
The club, which bought the ground from the council for £2.7m in 2006, went into administration in March. | |
The council buying the land was a proviso of a rescue bid for the side by businessman James Brent. | |
The proposal was agreed by the cabinet and is expected to be approved by the full Conservative-controlled council later. | |
The club, which is currently at the bottom of League Two, went into administration owing £17m. | |
The council deal means Argyle would be given the option every five years to buy back the ground for a sum equal to 12 times the £135,000 rent. | |
The rent would rise by 150% if the club reached the Championship and quadruple if it reached the Premier League. | The rent would rise by 150% if the club reached the Championship and quadruple if it reached the Premier League. |
The deal also removes covenants preventing non-football development around the ground. | The deal also removes covenants preventing non-football development around the ground. |
Hotelier Mr Brent has been talking to stakeholders in the club as his Akkeron Group weighs up making a bid for the side. | |
Purchase of the club also depends on an agreement with administrators on their fees and will be subject to approval by the Football League. | |
None of Argyle's players or office staff have received their full wages since the club went into administration. |